Liberty Global Buys Aster Cable Company
NEW YORK (
) --
Liberty Global
(LBTYA) - Get Report
has agreed to buy Polish cable TV operator
Aster
from
Mid Europa Partners
for about $800 million.
Cable group Liberty Global, which also owns Poland's top cable provider
UPC
, is looking to strengthen its position in the country.
"The Polish cable market is highly fragmented and this is a natural and necessary step towards consolidating the industry," CEO Mike Fries said.
Liberty has agreed to pay private equity fund Mid Europa Partners about $300 million for its stake in the cable company, and will take on Aster's debt of around $500 million.
"The transaction is due for approval by the Polish antimonopoly office and its finalization is expected in the first half of 2011," Liberty Global said.
The joint company will control around 30% of the Polish TV market and service 1.4 million customers.
-- Written by Theresa McCabe in Boston.
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